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The falling natural gas prices may open the door for cheap gas for world markets, as the U.S. prepares for LNG exports by the end of the year.听听
According to energy experts, the U.S. gas exports overseas can wean Europe's听dependency off Russian gas, and may capture the rising gas demand in Asian markets as well.听
Natural gas prices in the U.S. fell more than 50 percent and dipped to their lowest level since Sept. 2012 due to high domestic production and a strong inventory, said the U.S.' Energy Information Administration on Wednesday.听
Despite the cold winter weather, Henry Hub听spot and futures prices of gas fell to听$2.92 and $2.88听per million British thermal unit (per 28.32 cubic meters)听respectively听on January 26 -听the lowest level in more than two years, the agency said.听
The fall in gas prices came after Henry Hub prices peaked to a monthly average of $6 per million British thermal units听in February 2014 - a five-year high, said the administration.听
The recent price decline in gas prices marked听more than a 50 percent fall听in less than a year.听
The agency said that although gas inventories fell by 162听billion cubic feet (4.54 billion cubic meters) towards the end of November, natural gas听stocks increased to 2,637 billion cubic feet (73.84听billion cubic meters) on Jan. 16, according to the U.S. agency's听Weekly Natural Gas Storage Report听released on Jan. 22.听
Cheniere Energy's听Sabine Pass project in Louisiana will kick off the U.S.'听LNG exports when completed by the end of 2015.听
In addition,听Dominion Resources'听Cove Point LNG听project听in the state of听Maryland,听Carib Energy鈥檚 facility in Florida, and听Sempra Energy鈥檚 Cameron LNG facility in Louisiana are the other听terminal projects to export LNG to world markets.听
By Ovunc Kutlu
Anadolu Agency
ovunc.kutlu@aa.com.tr
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